With the misinformation & guesswork going on here, figured it would be helpful to share an update on the Barrister condominium development a.k.a Jefferson Place.
1) They are under contract to purchase the Barrister building and adjacent property from the City of Phoenix. 100% under contract - but not 100% finalized to my knowledge.
2) They
have begun the lengthy pre-construction process of developing the building.
3) Between design, engineering, financing, legal, presales, and further City approvals, they are still 9-12 months from the 'official' start of construction.
4)
If all of the above occurs without a hitch, we might see construction begin in the 7-8 month timeframe. Sounds like that's a big if, however.
To emphasize: No, Jefferson Place hasn't begun construction. No, the sky isn't falling. No, the GPLET debacle didn't sideline this project.
And yes, the Downtown Phoenix market can still support more residential developments.
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